Book Description
In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency.
Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.
Customer Reviews:
Brilliant synthesis of behavioral microeconomics.......2007-06-19
Samuel Bowles, a heterodox economist known for his long time cooperation with Herb Gintis on various cutting edge works in the field of behavioral economics and related subjects, has made a fantastic synthesis of all the material and conclusions in this area of research in "Microeconomics: Behavior, Institutions and Evolution".
As the title promises, Bowles makes extensive use of concepts from socio-evolutionary theory, institutional economics and anthropology, as well as applications from (evolutionary) game theory, to discuss the basics of economic choices, interaction, cooperation, and exchange. It may take a bit of adjusting at first, especially if one is not used to heterodox economics, since his well-written overview starts from very different points than most generic orthodox textbooks do. But it is very rewarding: all the relevant issues are presented in their complexity, nothing is swept under the carpet, and what makes this book in particular commendable is the way in which information from anthropology, psychology and the social sciences is weaven into the 'story'. The contrast with the ridiculous assumptions and the unrealistic or simply false simplistic models of standard neoclassical textbooks (like for example that of Mankiw) is striking.
It must be said that a proper understanding of all the arguments requires familiarity with intermediate level mathematics for economists, and the general level of abstraction and discussion is quite high, so this is not an easy book. Fortunately, this is mitigated somewhat by Bowles' clear writing, and sometimes he also takes the trouble (which unfortunately few economists do) of specifically explaining what the mathematical formulas mean, for people who have difficulty with somewhat advanced equations and the like. In any case, he relies quite correctly more on empirical arguments regarding problems of the common, of evolution of institutions, the workings of altruism, prisoner's dilemmas, and so on than on any kind of math (although these things can be expressed in math, often).
At the end, Bowles provides some problem sets organized by subject as in the book, to allow readers and students to grapple with the issues presented.
Overall, this is probably the best overview specifically about microeconomics currently in existence, and it's a shame that it is not the standard textbook in all economics classes on the subject. Much better than anything Mankiw, Barro etc. have ever produced.
Very strong, but flawed.......2006-03-30
In Microeconomics, Bowles applies game theory, the insights of experimental economics, a contested exchange theory of the firm based upon conflict and power, and endogenous formation of traits, to microeconomic theory.
This is probably the most developed statement of what Bowles has called "Post-Walrasian Economics." Essentially, a form of neoclassical economics in which the unrealistic assumptions of Walrasian/ perfectly competitve type economics are rejected and not merely replaced "imperfect" competition and information (e.g. some degree of divergence from the walrasian assumptions, using those assumptions as their reference point). Rather, Bowles gives complex, somewhat realistic descriptions of the non-Walrasian characteristics of the economy, many of which have a totally different qualitative side than the Walrasian model.
Bowles is largely successful, yet there are some problems. There is alot of calculus in this book, not at an incredibly high level, but this certainly limits the appeal of this book to many readers without an understanding of calculus. Also, many of the examples used in the models are very abstract. An agent is faced with a choice to "adopt a characteristic" when they "have an interaction" with some other agent. Nothing wrong with abstraction per se, but it would be nice to have a better idea of what real world issues these models have relevance for.
Also, Bowles rose to prominence as one of the top radical economists and one of the founders of the Union for Radical Political Economics. He apparently still has similar political views and much of this book supports the existence of pervasive market failures supports a left perspective. Yet, not much time is spent on the particular topics usually explored by radical models. Those aspects of the "conflict theory" of the firm which are most profound, such as the choice of technique being influenced by the need of the capitalist to maximize their bargaining power rather than efficiency, are mentioned but not explored in great detail. However, given the incredibly detailed exploration of various aspects of conflict in the labor process, the models developed in this book have great value for those looking to develop new radical models.
Also, this book is thoroughly neoclassical (albeit informed by the best advances in NC economics, even those which contradict age old staples of NC theory) in terms of price and distribution theory, etc... As someone who is heterodox in their beliefs about economics, this is bit of a disappointment for me. However, most of these insights could be integrated into heterodox theory.
There are also a few problematic claims in this book. Bowles apparently supports Duncan Foley's argument that if we focus on aggregate outcomes, the consequences of the SMD theorem are somewhat mitigated. Foley's claims are actually quite questionable. See Frank Ackerman's "Still Dead After all these Years: Interpreting the failure of General Equilibrium Theory."
Demonstrates The Instability of Current Economic Theory.......2005-06-08
The idea of Walrasian equilibria is in serious trouble, and there isn't a good back filler that fits experimental evidence. If this represents an exciting plot for you, read on. On the other hand, if you want to hide out in late 19th century (supplemented by 1950s) math models for a few more years, avoid this book.
If Bowles is any indication of the enlightened center, the walls of stable microeconomic theory are shaking. The trumpets are blown by experimentalists and and supporting work from serious anthropologists, historians, etc. that suggest people just don't quite do what is expected by classical microeconomics. That is a problem. Elegance that isn't factual just isn't science. Neither does it look like the gods of game theory fully come to the rescue, no matter how elegant Nash equilibria might be.
Still, the most likely candidate theory for stable microeconomics is the evolution literature and the associated game theoretic concepts that have been staples in biology for over 30 years. Ideas adapted from biology may offer dynamics without contextuality. Bowles teaches related constructs neatly in a book that is still less quantitative than a few others I have looked at. There are few partial differentials for their own sake. On the other hand, there is real math here--enough to scare people off who are fightened by such things, but math isn't the point as it can be in other micro theory works. The point is reality, which is also the slippery slope that will make this book hard for the trade to adopt, I'd guess. Remarkably, the book reads like a search for solutions rather than the expression of what can be said with simple math models in a logically consistent manner.
If your prof uses this text for microeconomic theory, you are lucky. It could be a lot worse. On the other hand, if you are an economist (or wannabe), you might want to supplement this with more conventional work if you are going to face departmental exams, syllabus reviews, etc.
This is decidedly the new view of things, though it will probably become dated in a reasonably short period as experimentalists proceed. It is isn't a history book of ahistorical microeconomic theory, which is the safe way to go for conventional texts.
Overall, this is probably as exciting as microeconomic theory can be, and it is the foundations of an honest social science theory--no matter how tentative. It opens more questions than it solvies which is probably the new standard for positive social science texts.
The book might have been improved by some broader treatment of social network theory in the game theory section and by even more extensive treatment of experimental evidence and methods--particularly methods. Few people are actually training social scientists to do experiments these days. That's too bad. It is the future.
If this work is the skeleton of such a future, economists are going to be political psychologists, are going to be behavioral biologists, are going to be population ecologists, etc. It may be a very interesting time to become an economist if this is the sort of book a program is using. Historians and science studies folks will want to monitor these emerging changes. This is a place to peg legitimate change.
Book Description
This highly innovative and original book proposes evolutionary microeconomics as a synthesis of the collective schools of heterodox economic thought with complex systems theory and graph theory.
The book charts a research program for evolutionary economics that encompasses the theory of dynamic efficiency and emergence in markets, a computational model of the learning and interacting agent, a competence based theory of the firm and the household, and, via a theory of expectations and plans, an agent-based foundation to macroeconomics.
Principally a work of meta-theory, The New Evolutionary Microeconomics argues for a radical refocus of microeconomic research toward the evolutionary nature of institutions, preferences, technology and knowledge.
This challenging new book should prove timely and important for evolutionary and computational economists as well as those in the fields of managerial economics, business studies and marketing.
Book Description
The story of American Institutional Economics, from its foundations through its supremacy and subsequent decline is an extremely interesting one. Today with the return of Darwinian ideas to social sciences, changes in psychology and a revival of pragmatist philosophy, the intellectual conditions for a revival and reconstruction of American Institutionalism are arguably in place.
Few are better qualified to provide an authoritative, wide-ranging account of the rise, fall and potential rebirth of institutional economics than Geoffrey Hodgson. This well-written comprehensive study offers an interpretation of Veblen and American Institutionalism that places Darwinism at the center. In this and other aspects, it challenges prevailing accounts of the nature and potential of American Institutionalism.
The author's position as one of the most important economists in the world is becoming cemented by his marvelous history of important books. This book will only add to his status. The book will be read and re-read by academics and students economics, philosophy and sociology.
Customer Reviews:
Darwin and the Economy.......2005-03-23
Darwin's influence in the social sciences is growing, and at the same time, it is often resisted. Economics and economists though (taken as a whole) haven't had a lot to say about Darwin or Darwinism. Institutional Economics however (both new and original) tries to analyze how economies change over time. It seems only natural therefore that economists should consider Darwin and Darwin's ideas. Geoffrey Hodgson writes well about the potential importance of Darwin and Darwinism for economics and also how Darwin relates to a lot of other new developments in the social sciences. He approaches these issues primarily by examining the development of original Institutional Economics as formulated by Thorstein Veblen.
Professor Hodgson devotes several chapters to some complex issues in philosopy of science. I enjoyed his treatment of concepts such as emergentism, reductionism and realism. I especially enjoyed his treatment of structure-agency theory, a concept that has gotten a lot of attention in sociology, but little (unfortunately) in economics.
Based on this discussion he proceeds to analyze the growth and demise of Veblenian thought. He analyzes Darwin's influence on Veblen and the relationship of Veblenian theory to habit instinct theory and philosophical pragmatism. Hodgson argues that Veblenians have Darwinian roots-a point that some original Institutional Economists would argue against. Personally, I agree with Hodgson but his assertions are bound to provoke some controversy (which is a good thing).
Hodgson argues that we (economists) should rethink the discipline and re-form it. We should use Veblen and Darwin as foundations. Bud Hodgson is not a Sociobiologist and he is not trying to biologize economics. He views culture as emergent and recognizes you cannot translate biological evolutionary models wholesale to economic evolution.
I recently heard a well known biologist state that Charlie Darwin was "Wall Street's kind of guy." I cringed when I heard this since it conjured up images of Darwinism providing biological cover for capitalism. Hodgson is no idealogue of the right or the left and eschews imposing politics on science, including the social sciences. But he definitely shows how Darwinism has influenced one of the most politically progressive thinkers in American history-Thorstein Veblen.
His views are extremely relevant. New Institutional Economists often ignore Veblen's contributions. Economics as a whole still tries to ape physics and there is much confusion among economists about what science is and is not.
My only criticism of Hodgson's book is probably unfair. His goal is to analyze the Veblenian tradition. So it is no surprise that he does not discuss other traditions in the original Institutional Economics such as Karl Polanyi's. Nor does he discuss the various evolutionary schools in economic anthropology. A discussion of these issues would have been of some interest to me. But then agaain, as I said, this is probably an unfair criticism of Hodgson given his stated goal of the book: to reexamine Veblen's contribution to economic thought and the relationship of Veblen to Darwin.
Taken as a whole I thoroughly enjoyed the book. I recommend it to any economist willing to look beyond constrained optimization problems. It will also interest (or should interest) anthropologists, sociologists, political scientists, or anyone interested in philosophical foundations of the social sciences and the relationship of the social sciences to Darwin and Darwinism.
Amazon.com
John McMillan's Reinventing the Bazaar is an extremely accessible description of markets large and small, as well as an explanation of their underlying mechanisms. An "absolutely free market," he says, is a "free-for-all brawl," while a "real market" is an "ordered brawl." Sprinkling his analysis with hundreds of anecdotes and examples--prison camps, eBay, the American experiment with alcohol prohibition, the Tokyo fish market, and traditional Ghanaian bazaars--and pertinent quotes from the likes of Chekhov, Twain, and Steinbeck, McMillan animates his subject. Why do banks build showcase headquarters? Which "frictions" brake, and which spur, various markets? Is the "invisible hand" attached to a clothed arm? Why are both pro- and antimarket absolutists, in McMillan's view, the economics equivalent of "flat-earthers"? Is there such an animal as a "perfect" market? Reinventing the Bazaar answers these questions, and many more, in an eminently wise, entertaining, and instructive way. --H. O'Billovich
Book Description
Clear, insightful, and nondogmatic, this book gives us a new appreciation for one of our most ubiquitous institutions. From the wild swings of the stock market to the online auctions of eBay to the unexpected twists of the world's post-Communist economies, markets have suddenly become quite visible. We now have occasion to ask, "What makes these institutions work? How important are they? How can we improve them?" Taking us on a lively tour of a world we once took for granted, John McMillan offers examples ranging from a camel trading fair in India to the $20 million per day Aalsmeer flower market in the Netherlands to the global trade in AIDS drugs. Eschewing ideology, he shows us that markets are neither magical nor immoral. Rather, they are powerful if imperfect tools, the best we've found for improving our living standards. Peter Bernstein's Against the Gods enabled us to see risk in a whole new light. McMillan's book will do the same for markets.
Customer Reviews:
Finally, a reasonable, non-ideological book about markets.......2007-05-17
I had never expected to give a 5-star review to a book about markets. But this book is a very even-handed description, favoring a case-by-case approach to "market design". Government is neither all bad nor all good, and markets are neither all good nor all bad, in this view. Nor does McMillan wrap markets in the mantles of politics and/or religion, a la Milton Friedman, George Gilder and others. The writing style isn't as felicitous as Tim Harford's "The Undercover Economist", which covers a lot of the same economics theory as this book; nor is this book quite as quick a read. But it has more real-life examples and more intellectual depth overall, while still being very much a popular, non-technical book. Like Harford's book, this one gives orthodox neoclassical economics theory (Arrow-Debreu, equilibrium, supply and demand, and other "Econ 101" stuff) more credence than it merits, but McMillan's pragmatism and professional humility somewhat compensate for this defect. Sadly, John McMillan passed away in March 2007 from cancer while still in his 50s. This book assures us that such a reasonable voice won't vanish completely -- which is lucky for us, since such voices have always been in short supply.
pleasant and valuable reading.......2007-01-29
Well organized, very well researched, surprisingly readable prose for an academic, and a well balanced mix of case studies from a wide variety of actual markets and more abstract reflections based in good part on these studies. I'm not giving it the full accolade of 5 stars because of some repetitiousness and a "target audience" problem: most readers will either find themselves reading relatively long passages that teach them nothing new (if they're already well-grounded in microeconomics) or else faced with some concepts that are pretty hard and not adequately taught in this book (if the readers lack any previous study of microeconomics) -- that's a difficult problem to solve, and I don't claim to know a solution, but Professor McMillan hasn't found one either. Nevertheless, I'd recommend the book to all levels of readers, as just about everybody will get many useful notions and ways of thinking from it, and it is, all in all, quite pleasant to read from cover to cover.
Just what I wanted...........2005-09-29
a fantastic review of the idea, basic history, and pros and cons of market economies. McMillan writes in a very accessable and yet erudite way, and his personal experieces (which he shares) demonstrate his authority on the subject. In looking for a good, basic introduction to macroeconomic ideas this is a helpful read. If you ever encounter leftist or rightist ideologues or a college student who is enticed by communism (a great IDEA, even McMillan agrees), this is a good reference book to silence unfounded criticisms. McMillan is empirical in his reasoning and his potent examples from history and real life are very helpful.
The Best Begginers Guide to Markets.......2004-08-21
Mc Millan's book makes it easy to understand how markets work, as well as their bennefits. Although it is not a book advocating free markets, it puts some sense into the idea through fun examples, stories and quotes. Anyone toying with the idea that free market economies are bad should read this book. As an imparial comment it might show a thing or two about why it is that free market policies don't seem to work for some countries(because they are not all that free)while in others they seem miracuolous.
The secrets of economic growth and sensible pro market policy can be extracted, although I wouldn't base a government's development plan on it.
The book is fun to read, easy to understand and highly illustrative. A must read for anyone (for or aginst free markets)
Essential Information and Wisdom.......2004-01-15
Wherever buyers and sellers get together, there is a market. In the absence of currency, trades have been consummated by assigning relative value to items (e.g. livestock, weapons, clothing) or services (e.g. plowing, medical care, harvesting). Throughout human history, there have been markets in one form or another at which people exchanged or purchased goods of various kinds, usually in a centrally located area such as a crossroads, harborside, village center, or town square. Buyers and sellers (or traders) gravitated to markets where and when there would be the most people. At least to some extent, all that remains true today even with the emergence of cybermarkets. Effective marketing in the 21st century creates or increases demand first by attracting interest. Hence the importance of visibility. It must also provide a convincing argument as to why a given product or service is preferable to other options, including not purchasing anything. Supply and demand often come into play. Pricing is frequently a decisive issue. For centuries, be it in an ancient bazaar or modern market, buying/selling/trading is among the most dynamic of human activities.
In this lively as well as informative book, McMillan offers "a natural history of markets" which helps us to gain a better understanding of how markets work as well as of what they can and can't do. "Markets do what they are supposed to do, however, only if they are we structured. Any successful economy has an array of devices and procedures to enable markets to work smoothly. A workable platform has five elements: information flows smoothly; property rights are protected; people can be trusted to live up to their promises; side effects are curtailed; and competition is fostered." I agree with McMillan that, as a result of innovations made by participants, "spontaneous evolution is the main driver of [private sector] markets" if and when provided with assistance from the public sector (i.e. government).
Because throughout history the strength of markets has been their adaptability and their "restless reinvention," McMillan argues, shaping new markets is both a task for governments and an opportunity for entrepreneurs. Appropriate involvement by the former ensures, for example, the protection of intellectual property; appropriate involvement by the latter ensures that the process of adaptability and reinvention is sustained. There are so many excellent books now in print which discuss the most effective marketing strategies and tactics.
Secondarily, McMillan examines several of them but his primary purpose, as I understand it, is to explain how and why the market economy ("...the worst form of economy, except for all the others which have been tried from time to time") "solves some all but intractable problems...[because] it admits variety and permits criticism" This book will be of greatest interest and value to decision-makers with responsibility for marketing within organizations which either have no "workable platform" or one which may soon collapse from the weight of external competition or internal inadequacy.
I also highly recommend this book to those who have a keen interest in cultural anthropology. As suggested earlier, the bazaar or market has always been and always will be among the most dynamic of human activities. Why? Because it must constantly be reinvented to accommodate ever-changing human needs and interests. McMillan's comprehensive analysis of that volatile process is a unique and brilliant achievement.
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- Engaging Supplement to Graduate Micro Text
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Evolutionary Microeconomics
Jacques Lesourne ,
André Orléan ,
Bernard Walliser ,
P. Bourgine ,
E. Fauchart ,
J.-F. Laslier ,
L. Marengo ,
F. Moreau , and
G. Umbhauer
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ASIN: 3540285369 |
Book Description
Classical microeconomics is intended to explain how a price system is able to coordinate the economic agents. But even if it can be extended to incomplete information and externalities, it remains grounded on very heroic assumptions. Agents are endowed with a very strong rationality, equilibrium is stated without a concrete process to achieve it, market is the unique institution considered. Evolutionary microeconomics is aimed at bypassing these limitations by considering a dynamic approach, however not biologically oriented. Agents have local information and bounded rationality, they are involved in explicit processes of interactions through time, various institutions sustain the market or substitute to it. It explains then some phenomena hardly explained by classical microeconomics: dispersion of prices, variety of industrial structures, financial bubbles.
Customer Reviews:
Engaging Supplement to Graduate Micro Text.......2007-10-06
This textbook can serve as a supplementary text in a year-long graduate micro sequence, a main textbook in a graduate course on evolutionary microeconomics following a year of standard microeconomics, or an advanced undergraduate "honors" textbook. The authors position themselves as strong critics of traditional microeconomic theory, but they consider the main flaw of traditional theory to be "narrowness," so virtually every contribution in the volume is a deepening of, an elaboration upon, a dynamic version of, and/or an evolutionary version of a standard microeconomic model.
From an analytical standpoint, the book has two relatively strong chapters (out of 9), one on learning by imitation and the other on modeling competitive dynamics among firms in the same industry. Every chapter has some analytical model-building, but generally the ratio of verbiage to model building is very high. There is a tendency to ignore the major journal articles on topics in favor of lesser-known contributions by the authors. For instance, the chapter on institutions references Alchian and Dempsez and Coase, but not Williamson or Hart. Moreover, in good microeconomic tradition, there are absolutely no facts brought to bear on theory, and behavioral economics is barely mentioned.
There are lots of small points to criticize in this volume. There is no index or master bibliography, and the chapter references to the literature are very brief and tend to stress old books and articles rather than the work being done today. The translation from the French is pretty awful. I have taught economics in French, and I am acutely aware of the difficulty of finding the perfect translation of common economic terms, but the translators here do not even try. Here are some examples: (a) "the theory of restricted relativity, proposed by A. Einstein"; (b) "it exists a `standard paradigm'; (c) "it deals with the adequation achieved"; (d) "the agent is always confronted to well-defined problems"; (e) "Contrary to the common vulgate shared by some evolutionnists"; (f) "the only way to escape from this infinite regression...";(g) "evolutionnist game theory".
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Evolutionary Patterns of Local Industrial Systems: Towards a Cognitive Approach to the Industrial District
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ASIN: 184014520X |
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Explaining Process and Change: Approaches to Evolutionary Economics (Economics, Cognition, and Society)
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ASIN: 0472102915 |
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International experts discuss new applications for evolutionary economics
Book Description
Modern evolutionary economics is now nearly two decades old and in this excellent book, a distinguished group of evolutionary economists identify the most important developments and discuss the direction of future research.
By moving away from traditional concerns with the operation of selection mechanisms towards a preoccupation with the manner in which the novelty and variety provide fuel for such mechanisms, the authors identify a key development in the field. Evolutionary economists have been drawn into the modern complexity science literature which attempts to provide an understanding of how and why `complex adaptive systems' engage in processes of self-organization. The goal is to provide an integrated analysis of both selection and self-organization that is uniquely economic in orientation.
After a brief overview of the many key achievements and continuing challenges, the first part of the book deals with theoretical perspectives, discussing institutional change, social constructions, complexity, selection and self-selection and the usefulness of theory. Part two deals with empirical perspectives and includes discussion of replicator dynamics, the measurement of heterogeneity and complexity, and modeling organizations as complex adaptive systems.
This unique book will appeal to evolutionary and industrial economists and policymakers involved with issues of innovation and management scientists.
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Institutions and Economic Change: New Perspectives on Markets, Firms and Technology (European Association for Evolutionary Political Economy)
Denmark) Conference of Eaepe 1994 (Copenhagen
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ASIN: 1858983223 |
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The concept of institutions has become more and more important in the analysis of both social cohesion and economic change. Institutions and Economic Change reflects the shift of perspective from the allocation of scarce resources to the creation, distribution and use of new resources, especially knowledge. It presents theories of the relationship between institutions and economic change as well as their application in fields such as innovation, the firm, technical change, markets and economic systems. The overall theme of the book focuses on the relationship between institutions and change within the economy, specifically , the roles of learning, knowledge, trust and norms. These issues are addressed from institutional and evolutionary perspectives by an internationally acclaimed group of scholars, including Benjamin Coriat, Giovanni Dosi, Geoffrey Hodgson, Jan Kregel, and Bart Nooteboom. The first section expands these themes, and outlines prospects for future theoretical developments. The second and third parts examine innovation and firms, theoretical and empirical studies of technological change and perspectives on the firm and the relations between firms. In the final part, the authors discuss the economic role of moral norms, a challenge to the idea of optimal allocation of resources in economic equilibrium and evaluate the variety of capitalist economic systems. This innovative book will appeal to economic scholars and students interested in the theory of the firm, economic change, innovation and evolutionary and institutional economics.
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The Privatization Process in East-Central Europe: Evolutionary Process of Czech Privatizations (International Studies in Economics and Econometrics)
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ASIN: 0792340965 |
Book Description
The Privatization Process in East-Central Europe describes the evolution process of privatization in Central and Eastern Europe based on the experiences of the Czech Republic. Privatization is a critical complement to the standard International Monetary Fund restructuring and adjustment package (anti-inflationary macroeconomic policy, liberalization of prices, and foreign trade). The Czech experience is unique in its combination of mass and individual privatization resulting in a rapid capital market evolution.
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